In 2015, the world polymer nanocomposites market was valued at $5,276 million and is projected to grow at a CAGR of 10.9% during 2016-2022. The growing demand for polymer nanocomposites from the automotive industry is the major driver for the polymer nanocomposites market.
Polymer nanocomposites are materials consisting different types of nanofillers uniformly dispersed in the polymer matrices. These nanofillers may be carbon nanotubes, nanoclays, metal-oxide, ceramics, and graphene among others.
Polymer nanocomposites are gaining acceptance worldwide due to their enhanced mechanical, chemical, and physical properties rendered in them by dispersion of fillers at the nanoscale.
Polymer nanocomposite-enabled parts are gradually replacing the metal parts that are used in vehicles as they offer various advantages over them such as weight reduction, increased engine efficiency, fuel savings, reduced CO2 emissions, and superior strength. The stringent regulations on the emission of CO2 from vehicles also serve as an important factor supporting the growth of polymer nanocomposites in the automotive industry.
Apart from their use in the automotive sector, polymer nanocomposites also find applications in the construction industry for repair and rehabilitation of buildings and bridges.
The world polymer nanocomposites market is segmented in this report on the basis of type, application, and geography. On the basis of type, the market is segmented into carbon nanotubes, nanoclays, metal-oxide, ceramics, and others.
Nanoclays accounted for the highest revenue-generating segment of the world polymer nanocomposite market with three-fifth of the total market share in 2015. The market is segmented into construction, automotive, electrical & electronics, packaging, and others on the basis of applications.
The packaging industry is the fastest growing segment of the polymer nanocomposites industry owing to increasing demand for polymer nanocomposite-based packaging material due to their anti-microbial properties.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest revenue-generating region in 2015 and is expected to maintain its lead throughout the forecast period.
It was followed by Europe with around one-third of the total market share. The development of new polymeric resins by European-based companies is a major factor that drives opportunities in the European polymer nanocomposites market.
These polymeric resins can be used for the modification of thermoplastic elastomers and other polymers. In addition, the use of polymer nanocomposites in consumer products such as sports shoes is also driving the European market.
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